Something’s rotten under the Las Vegas Convention Center and it turns out it’s a chemical sludge with the “consistency of a milkshake,” reports Bloomberg Businessweek. This sludge is a byproduct of Elon Musk’s Boring Company tunneling from the Las Vegas Convention Center to the Encore and Westgate hotels. These tunnels don’t feature rapid transit but instead individual Teslas ferrying carloads of convention goers at just 40 mph.
There are others, besides the Austrians, who acknowledge the crucial role of monetary policy and even blame the Federal Reserve for the Great Depression. Some scholars, which we can greatly appreciate, even go so far as to rightly criticize Franklin D.
During the most recent commercial real estate bubble, two things happened in tandem. First, due to the Federal Reserve’s zero interest rate policy, savers were unable to invest their cash at a decent rate of return. Second, prices of illiquid assets inflated in an extreme manner, riding on cheap debt and the rush of investors stretching for yield on their capital.
